TORONTO, April 6, 2016 /CNW/ - Fengate Capital
Management ("Fengate") has reached financial close on an equity
investment for an ownership stake in the Western Australia Worsley Multi-fuel
Cogeneration plant ("Worsley MFC") which is also co-owned by General
Electric Unit (NYSE: GE), GE Energy Financial Services ("GE EFS") and
funds managed by Whitehelm Capital. Greg Osborne, Managing Director, Head of
Asia-Pacific, led the investment out of Sydney, Australia on behalf of
Fengate's investors. Fengate was advised by RFC Ambrian, one of the leading
corporate advisory groups in the natural resources sector, throughout the
Worsley MFC is a 104 MW multi-fuel cogeneration plant that
supplies steam and electricity to the Worsley Alumina refinery in Collie,
Western Australia under a 25-year Capacity Purchase Agreement
("CPA"). Worsley Alumina is 86% owned and operated by mining major
South 32, and is one of the largest and lowest-cost alumina refineries in the
world. Worsley MFC was constructed to meet the major expansion requirements of
the Worsley Alumina refinery. It is a two unit, multi-fuel cogeneration plant
with the primary purpose of base load steam production (550 tph) and
co-generation of 104 MW of electricity for the refinery.
"The investment in Worsley MFC provides an opportunity for
Fengate to invest in a fully-contracted, stable operating asset, while
establishing an important relationship with GE EFS," Osborne stated,
"It provides predictable, long-term cash flows for our investors and
solidifies Fengate's position as a reputable international investor."
Worsley MFC is the latest addition to Fengate's portfolio of power
projects and the third investment that the firm has made in Australia, further
strengthening its international infrastructure business.
Fengate Capital Management Ltd. ("Fengate") is a real asset
investment firm that specializes in customized investment funds with a
strategic focus on infrastructure, real estate and private equity. The firm has
over $2 billion in assets under management with significant experience in public-private
partnerships, independent power projects, operating infrastructure assets and
real estate developments. Fengate targets high quality investments across North
America, Europe and Australia. Since 2007, the firm has been recognized as one
of "Canada's Best Managed Companies".
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and unregistered trademarks are the property of Fengate Corporation.
SOURCE Fengate Capital Management
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